HC: Job work for forging eligible for Sec 80IB deduction

Job work for forging activity amounts to 'manufacture'; eligible for deduction u/s 80-IB: Delhi HC 

Jun 06,2011

HC: ITAT not to look into merits while quashing CIT finding u/s 263

ITAT can't go into factual aspects of the case while quashing CIT findings u/s 263

Jun 04,2011

HC: Re-assessment u/s 147 on ‘new’ issues not allowed

Re-assessment u/s 147 not permissible on new issues if issues raised in re-assessment notice accepted by AO

Jun 04,2011

HC: Additions in regular assessment allowed for block assessment period

AO has right to make additions during regular assessment even if it pertains to the period covered by block assessment

Jun 04,2011

HC: Shanti Bhushan’s heart surgery expenses not allowed as business expense

Heart expense cannot be allowed as ‘business expense’ or expense on ‘current repairs’ treating heart as ‘plant’: Delhi High Court 

Jun 01,2011

HC: Interest expense post business set-up allowable as deduction

Interest expense post set up of business but before commencement of actual production was allowable as revenue expenditure –

May 26,2011

HC: Employee not eligible for ‘short stay’ salary exemption under UK treaty

Employee not eligible for short stay salary exemption under treaty as salary was paid by Indian employer: Madras HC 

May 24,2011

HC: Bill discounting charges not taxable as interest income

Bill discounting charges paid not in respect of ‘any money borrowed or debt incurred’; Not taxable as interest income

May 23,2011

HC: 'Unilateral write back of liability' in accounts not taxable u/s 41 pre 1996

Unilateral ‘write back of liability’ in accounts not taxable u/s 41(1) pre 1996 –

May 23,2011

HC: Import prices paid by Samsung India not 'excessive'

No disallowance u/s 40A(2)(b) on raw material imports from Samsung Korea; Customs valuation considered: Delhi High Court

May 20,2011